It didn’t take long for the snark attack to begin among the Big Money crowd. Less than 24 hours after the Federal Reserve announced its latest easy-money plan to goose the flaccid U.S economy, investors were already deriding “Operation Twist” as “Operation Fail.” Almost everything that was supposed to go up went down—and vice versa. Global stock markets plunged, oil prices fell, the dollar rose, and inflation expectations tumbled despite the central bank’s decision to swap $400 billion of short-term Treasury bonds for ones...
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